Thursday, July 21, 2011

URRE Long Trade Idea Follow Up

As I've mentioned previously, some members asked if URRE was a good stock to play the bounce, my answer was no based on the 3C charts and URRE has pulled back as the bounce has unfolded, but during this pullback, there's positive 3C accumulation, setting URRE up for a nice long trade, most likely about the time the market heads down.

 This daily bullish descending wedge s a very bullish pattern on its own.

 Add the daily 3C chart and the extent of the bullishness grows exponentially.

 Accumulation into the pullback on the 15 min chart

 And a leading positive divergence on the 10-min chart

 Also leading on the 5 min chart.

The recent volatility pinch looks like URRE s about to make a very directional move. whether it's up or down, I feel it will be a bullish opportunity. If down, then likely a false break down and a great buy, if up, then up , up and away.

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